The Strait of Hormuz' Next Domino: Oil Prices Rise After Saudi Arabia Shuts Down Critical Pipeline The sudden closure of Saudi Arabia's critical pipeline, which bypasses the Strait of Hormuz, has sent shockwaves through the oil market.
Oil prices have risen by 1% to settle at $105. 68 per barrel for Brent futures and $101. 39 for U. S. crude.
The pipeline's significance cannot be overstated – it has been instrumental in easing severe oil supply disruptions triggered by the Iran war.